Asking prices at original instruction rose nearly 3.5% over the past year, and over 24% since 2019, representing a compound annual growth rate (CAGR) of 4.4% per annum, according to TwentyEA.
The research showed that exchanged prices also grew 4.7% over the past year, and over 22% since 2019.
On the average property, growth in the last year equated to £16,000, with £66,000 since 2019.
In percentage terms, the gap between the initial asking and exchanged prices was roughly the same in 2023 as it was in 2019.
In fact, aside from 2021, the percentage gap was roughly the same across all other years.
The growth in instruction prices year-on-year was highest in Northern Ireland (9%), the North West (7.5%) and Scotland (7.1%).
Northern Ireland also saw the highest growth of exchanged prices, at 8.2%; the only other region above 7% was the South West.
Outer London saw the lowest exchanged price growth at 2.8.
Additionally, price changes on listings increased in every price bracket, but most notably in the £200,000 to £350,000 range.
A feature of 2023 to date was the substantial increase in the volume of price changes on listings.
Katy Billany, executive director of TwentyEA, said: “Looking at the last year’s movement in isolation (with growth close to 100%), it suggests that it may be an issue in 2023.
“However, when we compare the data to pre-pandemic 2019, we see that the level in 2023 is in fact the ‘norm’.
“As we can see from our research, London and Northern Ireland have experienced the smallest growth in price changes (19% and +43% respectively).”
